Bolton Wanderers Football Club - one of the founding members of the football league - has officially entered into administration.
It means the 145-year-old club could cease to exist unless a buyer is found.
The news was confirmed in a statement on the club's website this afternoon.
The administrators said the decision was made for the appointments 'which it is hoped will ensure the continued existence of the club'.
The Whites, relegated from the Championship this season, now face a 12-point deduction at the start of any League One campaign next season.
Last week an application to wind up the club at an Insolvency and Companies Court hearing in London was adjourned until May 22 after a judge was told the club owe the taxman more than £1 million.
There are also understood to be other creditors.
The statement said: "Paul Appleton and Asher Miller of David Rubin and Partners have today been appointed as Joint Administrators of Bolton Wanderers Football and Athletic Club (BWFC) and Burnden Leisure Limited (BLL) in the High Court of Justice.
"Both appointments were made following the Notices of Intention to appoint administrators filed by Fildraw Limited last week, which followed a long period of uncertainty since the presentation of a petition by HMRC.
"Fildraw Limited is a company through which the Trust representing the family of the late Eddie Davies lent substantial sums to the club.
"The decision was finally made for the appointments which it is hoped will ensure the continued existence of the club, one of the founding members of the Football League."
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Paul Appleton said: "This has obviously been a long-running situation and it is vitally important that we quickly establish the position of both the football club and the holding company.
"It has got to the stage where the Trust could not sit back and allow the club to go into liquidation.
"Decisive action had to be taken and the Trust believes the decision is in the best interests of Bolton Wanderers."
"Everybody at the club as well as the supporters need a sense of clarity and that is what I will be seeking to provide as quickly as possible."
The famous club, which tasted recent glory years under Sam Allardyce, had hoped to complete a takeover deal with Laurence Bassini, but the former Watford owner 'failed to provide any adequate and acceptable proof of current and future funding' to the English Football League, former owner Ken Anderson said.
The Whites were originally formed in 1874 and have won four FA Cups.
In a staggering culmination to a turbulent season on and off the pitch, Wanderers' Championship match on April 27 against Brentford was postponed after the first team squad boycotted the fixture.
It came as a result of players and non-playing staff having not been paid their wages for March or April.
The fixture was eventually scrapped, with three points awarded to Brentford and Bolton deemed to be guilty of misconduct.
And earlier last month, safety officials slapped a prohibition notice on the club's University of Bolton Stadium, previously known as the Reebok Stadium.
It had been issued over concerns Wanderers wouldn't be able to meet the legal conditions of its ground's safety certificate, but was later lifted after assurances were given.
